Cabinet wealth rankings: Werthein, Cúneo Libarona, Caputo on podium

Government ministers Gerardo Werthein, Mariano Cúneo Libarona and Luis Caputo head the wealth and asset rankings of President Javier Milei’s Cabinet, according to their respective filings.

Werthein, Argentina's foreign minister, declared wealth to the tune of over 90 billion pesos. The second and third place, with around 10 billion pesos, come the Justice and Economy ministers, Cúneo Libarona and Caputo respectively. 

By contrast, Karina Milei – the President’s sister and chief-of-staff – is the official with the least money, although the evolution of her assets since taking office shows her capital has increased by 221 percent.

This information comes from last year, the 2024 sworn statement of assets filed by government officials before its Anti-Corruption Office. July 31 was the official cut-off date for leaders subject to the Public Ethics Law to break down their assets. 

In nominal terms, Milei’s Cabinet increased its fortune overall, but that interpretation changes when analysing real values. For example, President Javier Milei’s wealth went from 125 million to 206 million pesos, which entails an annual 64.8 percent growth, that is, half the inflation value. 

In most cases, the Cabinet members’ rise in assets responds to the fiscal re-evaluation of their assets, though that adjustment was not calculated on the basis of a single criterion. For instance, in 2023, the apartment where National Security Minister Patricia Bullrich lives was valued at 25,281,134 pesos and, in 2024, that estimate has risen to 105,413,143 pesos – a 317.93-percent hike. However, the apartment declared by Human Capital Minister Sandra Pettovello remained unchanged at 21,683,212 pesos.

Defence Minister Luis Petri failed to file his sworn statement of assets in a timely fashion, yet he was not available for comment. Without his information, the wealth and asset rankings of the Cabinet are as follows: Werthein at 92,056,586,701 pesos; Cúneo Libarona at 18,089,261,439 pesos; Caputo at 11,851,166,833 pesos; Cabinet Chief Guillermo Francos at 2,847,538,388 pesos; Deregulation & State Transformation Minister Federico Sturzenegger at 1,770,393,342 pesos; President Javier Milei at 206,046,375 pesos; Patricia Bullrich at 188,341,118 pesos; Sandra Pettovello at 96,059,423 pesos; Health Minister Mario Lugones at 63,168,444 pesos; with Karina Milei at 11,401,021 pesos.

If upon analysing the declared assets the 2024 cumulative inflation variable, 117 percent, is added, the assessment as to which official fared better changes.

From this point of view, Karina Milei was the one with the best performance, with a 221-percent asset increase. In addition to the chief-of-staff, the other two officials who “beat” inflation were Bullrich, with a 210-percent increase, and Caputo, at 137 percent.

The rankings are completed by Francos, whose evolution was 104 percent; Milei at 64 percent; Pettovello, at 60 percent; and Cúneo Libarona, at 47.6 percent. Werthein, despite being the richest minister, was the one registering with the smallest growth in percentage points: barely 7.6 percent.

Werthein’s asset evolution does not contemplate the entire tax period, but rather from May 2024, when he took office (first as ambassador to the United States, the post he served before being appointed minister). 

The numbers presented by President Milei may not match his own appreciation as a successful economist, which should have led to a much higher number of assets when taking into account the fees collected by an economic advisor in such private companies as the ones where the current chief executive worked. 

Some time ago, Milei recognised Al Capone as a hero for not paying taxes. His being in the last positions of the asset rankings in his government may have to do with his belief of a State one does not have to answer to.

Cash terms

Werthein is at the top in terms of money. The foreign minister declared three apartments: one in Buenos Aires, another one in Punta del Este (Uruguay) and another one in Madrid (Spain). He also has tracts of land in Maldonado (Uruguay) and two luxury vehicles, a Ferrari and a Mercedes Benz. He further reported 10.032 billion pesos in a property trust in Argentina and 704 million pesos in another one in Barrio Punta Ballena (Uruguay).

Divided into six savings accounts, Werthein declared some 315 million pesos, as well as 1.462 billion pesos in cash. In the “foreign deposits” category, the minister has 3.448 billion pesos, although the countries are not broken down.

As for his shares in local companies, Werthein reported Haras El Capricho, Nugas and Sport Horses. He further declared 1.1 billion pesos in investments in Banco Macro and shares and investments abroad in such companies as Pine Bay Investment, Portfolio Pictet & Cie and Summit Bay Investment.

The annual evolution of the Justice minister’s assets, in nominal terms, was 47.7 percent. In all, Cúneo Libarona added nearly 6 billion to his fortune and is the only member of the Cabinet who bought property in 2024: two apartments in Buenos Aires City.

Besides the addition of these properties to his assets and the reappraisal of real estate (28 in all), the minister’s jump in wealth is explained by the hike in his bank deposits abroad, in particular in Switzerland and the United States. Conversely, his assets in this country dropped by nearly 50 percent.

Caputo had a similar leap to Cúneo Libarona’s, since he added 6,855,083,275 pesos to his assets and came in third. The official has an apartment in Buenos Aires City, a country house in Villa La Angostura, a ranch in Alberdi, tracts of land and garages. He also has three vehicles (two Kias and a Volvo), a yacht, a raft and a Yamaha quad.

The economy minister’s total assets abroad are in excess of seven billion pesos, although the countries are not broken down. His shares and investments are divided into Palmeral Chico, Ancora Investments LP, Sacha Rupaska and Anker Latinoamericana.

Francos, Sturzenegger, Milei and Bullrich are in the middle of the asset rankings. Within this group, the Cabinet chief’s fortune was the one which increased the most in percentage points between 2023 and 2024: 165 percent.

The hike is mainly in keeping with the reappraisal of his real-estate assets. In all, the official declared a lot and a house in Tigre, Buenos Aires Province, and two properties in Buenos Aires City.

The asset growth of Milei’s deregulation’s czar cannot be assessed, since he took office in July 2024. Sturzenegger has properties in Argentina, as well as a house in the United States. He further declared 1.392 billion pesos in accounts abroad. In 2024, he bought a brand-new Toyota Corolla.

The President and Security minister did not purchase new properties or declared new investments.

In addition to the reappraisal of assets, there are those who explain their hike in assets thanks to the recording of new income. That is the case with the President’s sister and the Human Capital minister, two of the officials with the least money in the Cabinet. Karina increases her assets by 221 percent, and Pettovello by 60 percent. 

The Health minister is also at the bottom of the rankings. However, in their case it is not possible to analyse the variation in his assets since, like Sturzenegger, Lugones was appointed to the Executive when the 2024 tax period was already ongoing.